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Azul posts record profit of 183.7 million U.S. dollars

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Azul   The company reported a net income of 138.1 million reals

Brazilian airline Azul posted a record high net income of 703.6 million reals (183.7 million U.S. dollars) in 2018, up 36 percent year on year.

In the fourth quarter of 2018, the company reported a net income of 138.1 million reals (36 million dollars), down 53.5 percent year on year, partly due to fuel hedging losses.

Azul said the fall is attributable to a 154.4 million reals (40.3 million dollars) non-recurring gain recorded in the fourth quarter of 2017, related to the expiration of a call option on the company's TAP bonds.

In 2018, Azul's operating revenues rose 18.4 percent year on year to 9.2 billion reals (2.4 billion dollars). The operating income was 808 million reals (210.9 million U.S. dollars), down 4.7 percent year on year. The operating margin was 8.8 percent for the year.

Azul announced on Monday an agreement to purchase some assets of financially troubled airline Avianca Brazil for up to 105 million dollars. In accordance with the bankruptcy law, the assets of Avianca Brazil will be transferred to a new entity. Among the assets to be purchased are Avianca Brazil's operating certificate and some 30 Airbus A320 planes.

The agreement is subject to regulatory approval and is expected to take up to three months to be concluded.

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